<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n
A source from Pyongyang has reported that the authorities
\nare currently attempting to enforce an order handed down earlier this year that
\ncalled upon residents to exchange hard currency for local Korean People\u2019s Won.<\/p>\n
\u201cThey are trying to strengthen the order they handed down in
\nJanuary telling us to exchange our foreign currency for local money,\u201d the
\nsource from the North Korean capital told Daily NK on the 28th. \u201cThese types of
\nforeign currency regulations normally disappear silently in a month or two, so
\npeople, most of whom had ignored it this time as well and kept their foreign
\ncurrency, are feeling pretty uncomfortable right now.\u201d<\/p>\n
\u201cThey keep telling us
\nin People\u2019s Unit meetings that if we hide foreign currency we will be harshly
\npunished,\u201d the source said. \u201cSo the number of people actually thinking of doing
\nwhat they want seems to be rising. The situation is a bit different to before;
\nthe MPS (Ministry of Public Security) is focusing on the donju<\/i>, and agents have searched some of their homes. Even the donju<\/i> are fearful, then, and some money
\nseems to be changing hands.\u201d<\/p>\n
The source alleged that the policy could be part of the
\nreason why black market exchange rates for USD and RMB are declining.
\nCurrently, the black market price of $1 in Pyongyang, Sinuiju in North Pyongan
\nProvince, and Hyesan in Yankang Province is 7300, 7500, and 7550 won, a decline
\nof 1100, 800, and 750 won respectively since last month.<\/p>\n
Current policy fits into the broader frame of Kim Jong
\nEun-era attempts to secure access to reserves of foreign currency in domestic society.
\nFor instance, in 2012 the authorities began to trump black market exchange
\nrates to encourage people to trade in hard currency; however, that policy was
\nwound down after just two months.<\/p>\n
However, the authorities are not seeking to enforce a <\/p>\n","protected":false},"excerpt":{"rendered":" A source from Pyongyang has reported that the authorities are currently attempting to enforce an order handed down earlier this year that called upon residents to exchange hard currency for local Korean People\u2019s Won. \u201cThey are trying to strengthen the order they handed down in January telling us to exchange our foreign currency for local […]<\/p>\n","protected":false},"author":122,"featured_media":26665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[645],"tags":[],"class_list":["post-26663","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"yoast_head":"\n
\nprohibition on use of foreign currency in public markets. As Daily NK recently
\nreported, even small change is now being given in foreign currency in some
\nregions.